TURIN, Italy--(EON: Enhanced Online News)--EXOR (EXO IM), one of Europe’s leading listed investment
companies, notes the decision by the Board of Directors of PartnerRe
Ltd. (“PartnerRe”; NYSE:PRE) to abandon its prior agreement and accept a
revised but still inferior transaction from AXIS Capital Holdings
Limited (“AXIS”; NYSE:AXS), in preference to EXOR’s own proposal.

The decision by the PartnerRe Board continues to ignore the superior
nature of EXOR’s fully financed, all-cash proposal of $130 per share,
which offers a significant premium to PartnerRe’s shareholders. In
contrast, AXIS' revised transaction still undervalues PartnerRe and is
clearly not in the best interests of PartnerRe, its shareholders,
employees and policyholders.

EXOR’s proposal is financially superior, with no financing conditions,
can be completed swiftly and will retain and build upon PartnerRe’s
highly talented management and employees.

With regard to AXIS' revised transaction for PartnerRe:

The revised terms are a clear admission that the original transaction
with AXIS, which was the result of a flawed process, undervalued
PartnerRe, as is the case with the revised transaction.

The purported value of the proposed $11.50 extraordinary dividend is
misleading. Since PartnerRe shareholders would own approximately 52
percent of a combined PartnerRe/AXIS, the incremental value to the
PartnerRe shareholders is less than half of the proposed dividend.

The proposed extraordinary dividend will reduce PartnerRe’s capital by
more than $550 million and significantly weaken PartnerRe's financial
strength at a point when both PartnerRe and AXIS have been placed
under review with negative implications by A.M. Best. In contrast,
EXOR’s all-cash proposal fully preserves PartnerRe's financial
strength, while delivering full and superior value to PartnerRe
shareholders.

The PartnerRe transaction with AXIS is the product of a flawed
process. No consideration was given by PartnerRe to alternatives when
it entered into the original agreement with AXIS, and PartnerRe
refused to engage fully with EXOR in response to EXOR’s proposal.
After EXOR satisfied clarifying questions from PartnerRe, PartnerRe
refused to permit EXOR to conduct due diligence and ceased to engage.
The result is another inadequate proposal for PartnerRe.

Notwithstanding the PartnerRe Board's continued support for a still
inferior transaction with AXIS, PartnerRe shareholders will ultimately
decide which transaction is superior. EXOR is therefore determined to
pursue its transaction on the proposed terms and is fully committed to
achieving its rapid completion.

ABOUT EXOR

EXOR is one of Europe's leading investment companies and is controlled
by the Agnellifamily. It is listed on Milan Stock Exchange
and has a market capitalization of approximately $12 billion and a net
asset value of approximately $14 billion. For over a century EXOR has
made successful investments, including more recently the acquisition of
Chrysler by Fiat, creating the world's seventh largest car producer with
a $19 billion market capitalization.

EXOR focuses on long-term investments in profitable global companies,
primarily in Europe and the United States, that benefit from its strong
permanent capital base. In addition to FCA its principal investments
include CNH Industrial, the fourth largest global capital goods company
(with a $12 billion market capitalization), and Cushman & Wakefield, the
world's largest private commercial real estate services company.

FORWARD-LOOKING STATEMENTS

Certain statements and information contained in this communication that
are not statements or information of historical fact constitute
forward-looking statements, notwithstanding that such statements are not
specifically identified as such. These statements may include
terminology such as “may”, “will ”, “expect”, “could”, “should”,
“intend”, “commit”, “estimate”, “anticipate”, “believe”, “remain”, “on
track”, “design”, “target”, “objective”, “goal”, “forecast”,
“projection”, “outlook”, “prospects”, “plan”, “intend”, or similar
terminology, including by way of example and without limitation plans,
intentions and expectations regarding the proposal to acquire PartnerRe,
the financing of a potential transaction, and the anticipated results,
benefits, synergies, earnings accretion, costs, timing and other
expectations of the benefits of a potential transaction.

Forward-looking statements are related to future, not past, events and
are not guarantees of future performance. These statements are based on
current expectations and projections about future events and, by their
nature, address matters that are, to different degrees, uncertain and
are subject to inherent risks and uncertainties. They relate to events
and depend on circumstances that may or may not occur or exist in the
future, and, as such, undue reliance should not be placed on them.
Actual results may differ materially from those expressed in such
statements as a result of a variety of factors, including changes in
general economic, financial and market conditions and other changes in
business conditions, changes in commodity prices, the level of demand
and financial performance of the major industries our portfolio
companies serve, changes in regulations and institutional framework (in
each case, in Italy or abroad), and many other factors, most of which
are outside of the control of EXOR. EXOR expressly disclaims and does
not assume any liability in connection with any inaccuracies in any of
these forward-looking statements or in connection with any use by any
party of such forward-looking statements. Any forward-looking statements
contained in this communication speaks only as of the date of this
communication.

EXOR undertakes no obligation to update or revise its outlook or
forward-looking statements, whether as a result of new developments or
otherwise. Names, organizations and company names referred to may be the
trademarks of their respective owners. This communication does not
represent investment advice neither a solicitation, nor a recommendation
nor an invitation, nor an offer for the purchase or sale of financial
products and/or of any kind of financial services as contemplated by the
laws in any country or state.

IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS

This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities or a solicitation
of any vote or approval. This material relates to a proposed business
combination transaction between EXOR and PartnerRe which may become the
subject of a proxy statement filed by EXOR with the Securities and
Exchange Commission (the “SEC”). This material is not a substitute for
the proxy statement that EXOR would file with the SEC or any other
documents which EXOR may send to its or PartnerRe’s shareholders in
connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS
IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. All such documents, if
filed, would be available free of charge at the SEC’s website (www.sec.gov)
or by directing a request to EXOR through the investor contacts listed
below.

PARTICIPANTS IN THE SOLICITATION

EXOR and its directors, executive officers and other employees may be
deemed to be participants in any solicitation of shareholders in
connection with the proposed transaction. Information about EXOR’s
directors and executive officers will be made available in EXOR’s proxy
statement, if filed.